DeepFlex, Inc., a Houston-based manufacturer of all-composite flexible pipe used in subsea oil and gas production environments, has closed a “significant” funding and completed a recapitalization to simplify its capital structure.
The round was led by AEM Capital of Rio de Janeiro, Brazil, with participation from Promon International, a part of the Promon Group of Brazil, and Energy Ventures, Klaveness Invest AS and Mobelmagasinet Tvedt, all based in Norway.
Following the closing of the transaction, the composition of the Board of Directors will align:
– Leif Andre Skare of Energy Ventures as Chairman of the Board.
– Michael C. Kearney, President and CEO of the Company,
– Antonio Muller and Marcelo Muller of AEM Capital,
– Ivan Furtado of Promon International,
– Jan Nylund of Klaveness Invest, and
– Jorge Camargo, former Petrobras and Statoil executive.
As stated by Mike Kearney, DeepFlex plans to form a Brazilian company, adding staff in-country and preparing for a manufacturing facility in Brazil.
Established in 2004, the company also has marketing offices in the United States and Brazil.